Monday Again
I hope you survived and behaved during this first weekend of December. It only goes downhill from here.
A quick recap below of my expectations for the two bonds being re-opened in this month’s bond auction:
- FXD4/2019/10Yr (8.0 years): average to come in between 12.50% - 12.60%.
- FXD1/2018/20Yr (16.4 years): average to come in between 13.15% - 13.25%.
Attached is the CBK weekly report to assist in your reading of the market and updated benchmark Yield Curve levels are to be found on the attached pricelist. I have also attached the NSE Implied Yields for the NSE’s valuations of all the bonds. Below is a snapshot of what is at play within the secondary market. Happy hunting!
|
|
| Indicative Two-Way Quotes - Benchmark Tenors |
| Benchmark Tenor |
Bid (%) |
Offer (%) |
Mov (t-t0)% |
| 1Yr |
9.20 |
8.80 |
0.00 |
| 2Yr |
9.90 |
9.70 |
0.00 |
| 5yr |
11.35 |
11.25 |
0.00 |
| 10yr |
12.50 |
12.20 |
0.00 |
| 15yr |
13.00 |
12.80 |
0.00 |
| 20yr |
13.50 |
13.30 |
0.00 |
| 25yr |
13.75 |
13.65 |
0.00 |
|
|
| Indicative Two-Way Quotes - IFB Series |
| IFB series |
Maturity |
Bid (%) |
Offer (%) |
Mov (t-t0)% |
| IFB1/2017/7
(IFB13)
|
Nov-24 |
9.90 |
9.50 |
0.00 |
IFB1/2016/9
(IFB10) |
May-25 |
10.00 |
9.60 |
0.00 |
IFB1/2015/12
(IFB8) |
Mar-27 |
10.00 |
9.35 |
0.00 |
IFB1/2017/12
(IFB12) |
Feb-29 |
10.80 |
10.60 |
0.00 |
IFB1/2016/15
(IFB11) |
Oct-31 |
11.40 |
11.20 |
0.00 |
IFB1/2018/15
(IFB14) |
Jan-33 |
11.70 |
11.50 |
0.00 |
XIFB1/2018/20
(IFB15) |
Oct-38 |
12.00 |
11.80 |
0.00 |
IFB1/2019/25
(IFB16) |
Feb-44 |
12.50 |
12.15 |
0.00 |
IFB1/2019/16
(IFB17) |
Oct-35 |
12.35 |
12.10 |
0.00 |
IFB1/2020/9
(IFB18) |
Apr-29 |
11.20 |
11.00 |
0.00 |
IFB1/2020/6
(IFB19) |
May-26 |
10.00 |
9.70 |
0.00 |
IFB1/2020/11
(IFB20) |
Aug-31 |
11.70 |
11.60 |
0.00 |
IFB1/2021/16
(IFB21) |
Jan-37 |
12.40 |
12.25 |
0.00 |
IFB1/2021/18
(IFB22) |
Mar-39 |
12.50 |
12.25 |
0.00 |
IFB1/2021/21
(IFB23) |
Aug-42 |
12.60 |
12.53 |
0.00 |
|
|
| Key Interest Rates |
|
Mov (bps) |
| O/N Interbank |
5.5116% |
28.12 |
| 91 Day T-bill |
7.232% |
11.80 |
| 182 Day T-bill |
7.854% |
10.70 |
| 364 Day T-bill |
9.016% |
17.60 |
| Inflation |
5.80% |
-65.00 |
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